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Level 2

Solved

1099 misc

Forum|Forum|3 years ago
January 26, 2023
5 replies
13 views

I received a 1099 misc form for miscellaneous income. The transaction type is contract fee. Where to I input the information using turbo tax deluxe?

Thank You

Best answer by PattiF

It depends, if the miscellaneous income was recorded in Box 3, you will enter this as Other Common Income.

Here's how to enter a 1099-MISC with income in box 3 in TurboTax so that it is reported as "other income" instead of as business income.

In the Search box type "1099-misc" (without the quotes), then click the link that says "Jump to 1099-misc."
The first screen asks "Did you get a 1099-MISC?" Click Yes.
On the next screen enter the information from the 1099-MISC form, then click Continue.

TurboTax will now ask a series of questions about the 1099-MISC income. Answer as follows, even if some of the answers aren't true.

"Describe the reason for this 1099-MISC." - Enter a short description such as "contract fee." Click Continue. You will see this description used in some of the subsequent questions, but it will not appear on your tax return.
"Does one of these uncommon situations apply?" - Select the last choice, "None of these apply," and click Continue.
"Did the contract fee involve work that's like your main job?" - Select No and click Continue.
"How often did you get income for contract fee?" - "I got it in 2022" will already be checked. Don't check any of the other boxes. Just click Continue.
"Did the contract fee involve an intent to earn money?" - Select No and click Continue.

PattiFAnswer

Level 15

It depends, if the miscellaneous income was recorded in Box 3, you will enter this as Other Common Income.

Here's how to enter a 1099-MISC with income in box 3 in TurboTax so that it is reported as "other income" instead of as business income.

In the Search box type "1099-misc" (without the quotes), then click the link that says "Jump to 1099-misc."
The first screen asks "Did you get a 1099-MISC?" Click Yes.
On the next screen enter the information from the 1099-MISC form, then click Continue.

TurboTax will now ask a series of questions about the 1099-MISC income. Answer as follows, even if some of the answers aren't true.

"Describe the reason for this 1099-MISC." - Enter a short description such as "contract fee." Click Continue. You will see this description used in some of the subsequent questions, but it will not appear on your tax return.
"Does one of these uncommon situations apply?" - Select the last choice, "None of these apply," and click Continue.
"Did the contract fee involve work that's like your main job?" - Select No and click Continue.
"How often did you get income for contract fee?" - "I got it in 2022" will already be checked. Don't check any of the other boxes. Just click Continue.
"Did the contract fee involve an intent to earn money?" - Select No and click Continue.

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Phillip23Author

Level 2

thank you very much for your help.

Phil

BlueEdge

Level 2

Sorry to bum off the thread - So I also have a 1099-MISC

However when I go to smart check it makes me fill out a Schedule C (Form 1040) which from what it seems it makes it seem like I own the business when I was just paid for my work? Eg "If this business was operated by Taxpayer, check this box" - I can't uncheck the box.

NC-tax-mom

Level 2

I received a 1099 Misc and completed the form with the box 3 income, which transferred to Schedule C just fine. But cannot complete my taxes because I keep getting this error message "A link to Schedule C should not be linked when the MWP...." There is no such link, and I've read elsewhere that this error has been reported, but I've not been able to do the suggested work around. Please help. Do I continue to wait for an update that fixes this??? I'd like to finish my taxes. I'm using TT Premier 2022 for Mac.

AliciaP1

Level 13

You are not required to enter a 1099-MISC specifically into your tax return as long as all the income is reported correctly. You can delete your 1099-MISC Form from your return and re-enter the income.

To enter your income to your business in TurboTax Desktop you can follow these steps:

Sign in to your TurboTax account
Switch to Forms Mode by selecting the Forms icon
From the menu, select the form you want to remove (if you don't see it, select Open Form at the top)
From the Forms menu, select Remove [1099-MISC]
Follow any onscreen instructions to remove the form or forms
Search for self employed income (use this exact phrase, don't add a hyphen) and select the Jump to link at the top of the search results
Answer Yes on the Did you have any self-employment income or expenses? screen
- If you land on the Your 2022 self-employed work summary page, select Review next to the work you're adding income for
Answer the questions on the following screens until you arrive at Let's enter the income for your work
Scroll down to the Income section and click Add income for this work
Choose Other self-employed income and Continue
Proceed entering/reviewing your return.

@NC-tax-mom

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NC-tax-mom

Level 2

Is it OK to click No when asked if I received a 1099 Misc? If I say Yes, it cycles me back to that endless error message.

AliciaP1

Level 13

Yes, you just need to enter the income, but are not required to report the specifics of the 1099.

@NC-tax-mom

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Ed732

Level 2

where do i enter investment losses shown on form 8949?

TomK2023

Level 15

Form 8949 (Sales and Other Dispositions of Capital Assets) records the details of your capital asset (investment) sales or exchanges. Part I of the 8949 shows the short-term transactions (held less than a year) and Part II has the long-term transactions.

When you enter investment sales or exchanges from Form 1099-B or 1099-S in TurboTax, we'll automatically fill out Form 8949 and transfer the info to Schedule D. You don't need to fill out the 8949 yourself.

TurboTax Help FAQ: Where is Form 8949?'

@Ed732

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Yngchernglin

Level 2

Why I enter 1099-Misc at the search box there is no space for me to enter jump to 1099-misc

MayaD

Alumni - Intuit

What type of income is reported on your 1099-Misc?

To enter a 1099-MISC for miscellaneous income:

Select Federal
Select Wages & Income
Scroll down to Other Common Income and elect to start/update Income from form 1099-MISC. Then click YES to indicate you have a 1099-MISC.
Enter the 1099-MISC exactly as printed, and then Continue.
Enter the reason you got this money –
On the following screen, Select None of these apply, then Continue.
Select No, it didn’t involve work and Continue.
Select the tax year for which this specific 1099-MISC was issued then Continue.
Select No, it didn’t involve an intent to earn money, then Continue.
Select No, then Continue.